Starting Dynare (version 5.4).
Calling Dynare with arguments: savemacro
Starting preprocessing of the model file ...
Found 204 equation(s).
Evaluating expressions...done
Computing static model derivatives (order 1).
Computing dynamic model derivatives (order 1).
Processing outputs ...
done
Preprocessing completed.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -1.62711e-14
gyy1         		 0.018503
Y1           		 1.48512
YT1          		 1.48512
YNT1         		 -10.0771
C1           		 1.4349
gt1          		 0.0760917
gtT1         		 0.0760917
gtNT1        		 0.0760917
Hr1          		 -2.15688
gz1          		 0.0760917
gp1          		 -0.0190229
P1           		 -0.225237
PT1          		 -0.225362
PNT1         		 -0.227956
Pi1          		 -0.365047
PiT1         		 -0.365057
PiNT1        		 -11.878
w1           		 2.49092
Vinnov1      		 1.7992
Z1           		 -0.943795
T1           		 0.0121906
TNT1         		 0.0121906
Y_L1         		 1.48512
gy1          		 0.018503
gc1          		 0.018503
rho_chi2     		 0.25
B2           		 4.48668e-15
gyy2         		 0.018503
Y2           		 2.39314
YT2          		 2.39314
YNT2         		 -9.11203
C2           		 2.35296
gt2          		 0.0760917
gtT2         		 0.0760917
gtNT2        		 0.0760917
Hr2          		 -1.57553
gz2          		 0.0760917
gp2          		 -0.0190229
P2           		 -0.191602
PT2          		 -0.191727
PNT2         		 -0.196356
Pi2          		 0.594111
PiT2         		 0.594101
PiNT2        		 -10.9188
w2           		 1.38157
Vinnov2      		 1.84787
Z2           		 -0.347476
T2           		 0.0422038
TNT2         		 0.0422038
Y_L2         		 2.39314
gy2          		 0.018503
gc2          		 0.018503
rho_chi3     		 0.1
B3           		 2.17918e-14
gyy3         		 0.018503
Y3           		 0.0419857
YT3          		 0.0419857
YNT3         		 -11.4377
C3           		 0.00356472
gt3          		 0.0760917
gtT3         		 0.0760917
gtNT3        		 0.0760917
Hr3          		 -4.67944
gz3          		 0.0760917
gp3          		 -0.0190229
P3           		 0.197323
PT3          		 0.197198
PNT3         		 0.176963
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.60732
Z3           		 -2.86411
T3           		 9.31956e-12
TNT3         		 9.31956e-12
Y_L3         		 0.0419858
gy3          		 0.018503
gc3          		 0.018503
EX1          		 -1.04137
EX2          		 -0.958567
IM1          		 -1.04137
IM2          		 -0.958567
Yw           		 2.62715
r            		 0.0334475
chivar11     		 -1.38629
ga11         		 0.0760917
A11          		 -1.01209
pi_share11   		 -0.0736086
pi_shareNT11 		 -0.0839832
V11          		 1.81649
Vinnovator11 		 0.717873
rp11         		 -2.77563
chivar12     		 -1.38629
ga12         		 0.0760917
A12          		 -0.512732
pi_share12   		 -2.89131
pi_shareNT12 		 -2.77659
V12          		 1.81649
Vinnovator12 		 0.717873
rp12         		 -2.27627
chivar13     		 -1.38629
ga13         		 0.0760917
A13          		 -2.99672
pi_share13   		 -4.16943
pi_shareNT13 		 -4.00068
V13          		 1.81649
Vinnovator13 		 0.717873
rp13         		 -4.76026
chivar21     		 -1.38629
ga21         		 0.0760917
A21          		 -1.07072
pi_share21   		 -3.87531
pi_shareNT21 		 -3.36495
V21          		 2.77564
Vinnovator21 		 1.67703
rp21         		 -1.90512
chivar22     		 -1.38629
ga22         		 0.0760917
A22          		 -0.415783
pi_share22   		 -0.0277309
pi_shareNT22 		 -0.046245
V22          		 2.77564
Vinnovator22 		 1.67703
rp22         		 -1.25018
chivar23     		 -1.38629
ga23         		 0.0760917
A23          		 -3.20587
pi_share23   		 -5.02038
pi_shareNT23 		 -4.54422
V23          		 2.77564
Vinnovator23 		 1.67703
rp23         		 -4.04027
chivar31     		 -2.30259
ga31         		 0.0760917
A31          		 -1.10907
pi_share31   		 -3.52261
pi_shareNT31 		 -2.91938
V31          		 0.97756
Vinnovator31 		 -1.21966
rp31         		 -4.79796
chivar32     		 -2.30259
ga32         		 0.0760917
A32          		 -0.483105
pi_share32   		 -2.67285
pi_shareNT32 		 -2.16545
V32          		 0.97756
Vinnovator32 		 -1.21966
rp32         		 -4.17199
chivar33     		 -2.30259
ga33         		 0.0760917
A33          		 -2.9324
pi_share33   		 -0.103781
pi_shareNT33 		 -0.184723
V33          		 0.97756
Vinnovator33 		 -1.21966
rp33         		 -6.62129
drp11        		 0.018503
Ha11         		 -3.57261
J11          		 1.48926
Jinnovator11 		 0.548196
eps11        		 -0.692957
drp12        		 0.018503
Ha12         		 -2.6966
J12          		 1.29439
Jinnovator12 		 0.434582
eps12        		 -1.26448
drp13        		 0.018503
Ha13         		 -5.28112
J13          		 1.3579
Jinnovator13 		 0.47262
eps13        		 -1.10044
drp21        		 0.018503
Ha21         		 -2.47928
J21          		 2.32832
Jinnovator21 		 1.43843
eps21        		 -1.06951
drp22        		 0.018503
Ha22         		 -2.08074
J22          		 2.4484
Jinnovator22 		 1.50734
eps22        		 -0.69303
drp23        		 0.018503
Ha23         		 -4.16214
J23          		 1.93881
Jinnovator23 		 1.19132
eps23        		 -1.9113
drp31        		 0.018503
Ha31         		 -4.54218
J31          		 0.45543
Jinnovator31 		 -1.50298
eps31        		 -1.26456
drp32        		 0.018503
Ha32         		 -4.00666
J32          		 0.513024
Jinnovator32 		 -1.46844
eps32        		 -1.11653
drp33        		 0.018503
Ha33         		 -6.74222
J33          		 0.650339
Jinnovator33 		 -1.38934
eps33        		 -0.692952

EIGENVALUES:
         Modulus             Real        Imaginary

       2.633e-18       -2.633e-18                0
       2.972e-17       -2.972e-17                0
       3.492e-17       -3.492e-17                0
       1.289e-16        1.289e-16                0
       8.555e-16       -8.555e-16                0
        2.27e-09       -8.202e-10        2.117e-09
        2.27e-09       -8.202e-10       -2.117e-09
        2.27e-09        8.202e-10        2.117e-09
        2.27e-09        8.202e-10       -2.117e-09
          0.1279          -0.1279                0
          0.1427          -0.1427                0
          0.1585          -0.1585                0
          0.2252           0.2252         0.002758
          0.2252           0.2252        -0.002758
          0.2442           0.2442                0
           0.343            0.343         0.005751
           0.343            0.343        -0.005751
          0.6481           0.6481                0
           0.922            0.922                0
          0.9238           0.9238                0
          0.9239           0.9239                0
          0.9438           0.9438                0
          0.9705           0.9705                0
           1.046            1.046                0
           1.078            1.078                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.166            1.166                0
           1.251             1.25          0.05934
           1.251             1.25         -0.05934
           1.451            1.451                0
           1.482            1.481          0.06214
           1.482            1.481         -0.06214
            1.52             1.52                0
           1.529            1.529                0
           1.569            1.567          0.06754
           1.569            1.567         -0.06754
           1.581            1.576           0.1304
           1.581            1.576          -0.1304
           1.616            1.616                0
           1.936            1.936                0
            2.01            1.997           0.2312
            2.01            1.997          -0.2312
           2.029            2.027          0.09066
           2.029            2.027         -0.09066
           2.161            2.161                0
       2.557e+18       -2.557e+18                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0


There are 57 eigenvalue(s) larger than 1 in modulus 
for 57 forward-looking variable(s)

The rank condition is verified.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 1.05012e-14
gyy1         		 0.018586
Y1           		 1.48281
YT1          		 1.48281
YNT1         		 -10.0436
C1           		 1.43307
gt1          		 0.0764423
gtT1         		 0.0764423
gtNT1        		 0.0764423
Hr1          		 -2.17531
gz1          		 0.0764423
gp1          		 -0.0191106
P1           		 -0.131335
PT1          		 -0.13146
PNT1         		 -0.140076
Pi1          		 -0.271828
PiT1         		 -0.271838
PiNT1        		 -11.7803
w1           		 2.58414
Vinnov1      		 1.87159
Z1           		 -0.937731
T1           		 0.0197674
TNT1         		 0.0197674
Y_L1         		 1.48281
gy1          		 0.018586
gc1          		 0.018586
rho_chi2     		 0.25
B2           		 -6.75925e-15
gyy2         		 0.018586
Y2           		 2.3945
YT2          		 2.3945
YNT2         		 -9.10759
C2           		 2.35425
gt2          		 0.0764423
gtT2         		 0.0764423
gtNT2        		 0.0764423
Hr2          		 -1.57551
gz2          		 0.0764423
gp2          		 -0.0191106
P2           		 -0.122641
PT2          		 -0.122767
PNT2         		 -0.127421
Pi2          		 0.664508
PiT2         		 0.664498
PiNT2        		 -10.8459
w2           		 1.45197
Vinnov2      		 1.91716
Z2           		 -0.346961
T2           		 0.0476183
TNT2         		 0.0476183
Y_L2         		 2.3945
gy2          		 0.018586
gc2          		 0.018586
rho_chi3     		 0.1
B3           		 2.68666e-14
gyy3         		 0.018586
Y3           		 0.0355437
YT3          		 0.0355437
YNT3         		 -11.5561
C3           		 -0.00553467
gt3          		 0.0764423
gtT3         		 0.0764423
gtNT3        		 0.0764423
Hr3          		 -4.46802
gz3          		 0.0764423
gp3          		 -0.0191106
P3           		 0.203832
PT3          		 0.203707
PNT3         		 0.188263
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.74776
Z3           		 -2.79121
T3           		 1.52746e-11
TNT3         		 1.52746e-11
Y_L3         		 0.0355437
gy3          		 0.018586
gc3          		 0.018586
EX1          		 -1.04501
EX2          		 -0.877361
IM1          		 -1.04501
IM2          		 -0.877361
Yw           		 2.69672
r            		 0.033529
chivar11     		 -1.38629
ga11         		 0.0764423
A11          		 -1.00497
pi_share11   		 -0.0632949
pi_shareNT11 		 -0.0977612
V11          		 1.90619
Vinnovator11 		 0.807576
rp11         		 -2.68286
chivar12     		 -1.38629
ga12         		 0.0764423
A12          		 -0.511114
pi_share12   		 -2.79187
pi_shareNT12 		 -2.70124
V12          		 1.90619
Vinnovator12 		 0.807576
rp12         		 -2.18901
chivar13     		 -1.38629
ga13         		 0.0764423
A13          		 -2.91724
pi_share13   		 -10.524
pi_shareNT13 		 -3.64916
V13          		 1.90619
Vinnovator13 		 0.807576
rp13         		 -4.59514
chivar21     		 -1.38629
ga21         		 0.0764423
A21          		 -1.06485
pi_share21   		 -3.96476
pi_shareNT21 		 -3.4545
V21          		 2.84253
Vinnovator21 		 1.74391
rp21         		 -1.83426
chivar22     		 -1.38629
ga22         		 0.0764423
A22          		 -0.415595
pi_share22   		 -0.0280617
pi_shareNT22 		 -0.0466783
V22          		 2.84253
Vinnovator22 		 1.74391
rp22         		 -1.18501
chivar23     		 -1.38629
ga23         		 0.0764423
A23          		 -3.12259
pi_share23   		 -4.74454
pi_shareNT23 		 -4.26848
V23          		 2.84253
Vinnovator23 		 1.74391
rp23         		 -3.89201
chivar31     		 -2.30259
ga31         		 0.0764423
A31          		 -1.10941
pi_share31   		 -3.86187
pi_shareNT31 		 -3.23948
V31          		 0.974044
Vinnovator31 		 -1.22318
rp31         		 -4.7983
chivar32     		 -2.30259
ga32         		 0.0764423
A32          		 -0.488551
pi_share32   		 -2.92299
pi_shareNT32 		 -2.39643
V32          		 0.974044
Vinnovator32 		 -1.22318
rp32         		 -4.17744
chivar33     		 -1.38629
ga33         		 0.0764423
A33          		 -2.86944
pi_share33   		 -0.0777469
pi_shareNT33 		 -0.139523
V33          		 0.791719
Vinnovator33 		 -0.30688
rp33         		 -5.64196
drp11        		 0.018586
Ha11         		 -3.57754
J11          		 1.58072
Jinnovator11 		 0.638878
eps11        		 -0.682821
drp12        		 0.018586
Ha12         		 -2.70511
J12          		 1.38589
Jinnovator12 		 0.525374
eps12        		 -1.25622
drp13        		 0.018586
Ha13         		 -5.23133
J13          		 1.46029
Jinnovator13 		 0.569805
eps13        		 -1.06173
drp21        		 0.018586
Ha21         		 -2.4753
J21          		 2.39445
Jinnovator21 		 1.50487
eps21        		 -1.06774
drp22        		 0.018586
Ha22         		 -2.08076
J22          		 2.51412
Jinnovator22 		 1.57357
eps22        		 -0.693362
drp23        		 0.018586
Ha23         		 -4.09548
J23          		 2.02296
Jinnovator23 		 1.26989
eps23        		 -1.8768
drp31        		 0.018586
Ha31         		 -4.53026
J31          		 0.439375
Jinnovator31 		 -1.51412
eps31        		 -1.29127
drp32        		 0.018586
Ha32         		 -3.99778
J32          		 0.497444
Jinnovator32 		 -1.47912
eps32        		 -1.14483
drp33        		 0.018586
Ha33         		 -6.81426
J33          		 0.443171
Jinnovator33 		 -0.488539
eps33        		 -0.763514

STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 1.05012e-14
gyy1         		 0.018586
Y1           		 1.48281
YT1          		 1.48281
YNT1         		 -10.0436
C1           		 1.43307
gt1          		 0.0764423
gtT1         		 0.0764423
gtNT1        		 0.0764423
Hr1          		 -2.17531
gz1          		 0.0764423
gp1          		 -0.0191106
P1           		 -0.131335
PT1          		 -0.13146
PNT1         		 -0.140076
Pi1          		 -0.271828
PiT1         		 -0.271838
PiNT1        		 -11.7803
w1           		 2.58414
Vinnov1      		 1.87159
Z1           		 -0.937731
T1           		 0.0197674
TNT1         		 0.0197674
Y_L1         		 1.48281
gy1          		 0.018586
gc1          		 0.018586
rho_chi2     		 0.25
B2           		 -6.75925e-15
gyy2         		 0.018586
Y2           		 2.3945
YT2          		 2.3945
YNT2         		 -9.10759
C2           		 2.35425
gt2          		 0.0764423
gtT2         		 0.0764423
gtNT2        		 0.0764423
Hr2          		 -1.57551
gz2          		 0.0764423
gp2          		 -0.0191106
P2           		 -0.122641
PT2          		 -0.122767
PNT2         		 -0.127421
Pi2          		 0.664508
PiT2         		 0.664498
PiNT2        		 -10.8459
w2           		 1.45197
Vinnov2      		 1.91716
Z2           		 -0.346961
T2           		 0.0476183
TNT2         		 0.0476183
Y_L2         		 2.3945
gy2          		 0.018586
gc2          		 0.018586
rho_chi3     		 0.1
B3           		 2.68666e-14
gyy3         		 0.018586
Y3           		 0.0355437
YT3          		 0.0355437
YNT3         		 -11.5561
C3           		 -0.00553467
gt3          		 0.0764423
gtT3         		 0.0764423
gtNT3        		 0.0764423
Hr3          		 -4.46802
gz3          		 0.0764423
gp3          		 -0.0191106
P3           		 0.203832
PT3          		 0.203707
PNT3         		 0.188263
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.74776
Z3           		 -2.79121
T3           		 1.52746e-11
TNT3         		 1.52746e-11
Y_L3         		 0.0355437
gy3          		 0.018586
gc3          		 0.018586
EX1          		 -1.04501
EX2          		 -0.877361
IM1          		 -1.04501
IM2          		 -0.877361
Yw           		 2.69672
r            		 0.033529
chivar11     		 -1.38629
ga11         		 0.0764423
A11          		 -1.00497
pi_share11   		 -0.0632949
pi_shareNT11 		 -0.0977612
V11          		 1.90619
Vinnovator11 		 0.807576
rp11         		 -2.68286
chivar12     		 -1.38629
ga12         		 0.0764423
A12          		 -0.511114
pi_share12   		 -2.79187
pi_shareNT12 		 -2.70124
V12          		 1.90619
Vinnovator12 		 0.807576
rp12         		 -2.18901
chivar13     		 -1.38629
ga13         		 0.0764423
A13          		 -2.91724
pi_share13   		 -10.524
pi_shareNT13 		 -3.64916
V13          		 1.90619
Vinnovator13 		 0.807576
rp13         		 -4.59514
chivar21     		 -1.38629
ga21         		 0.0764423
A21          		 -1.06485
pi_share21   		 -3.96476
pi_shareNT21 		 -3.4545
V21          		 2.84253
Vinnovator21 		 1.74391
rp21         		 -1.83426
chivar22     		 -1.38629
ga22         		 0.0764423
A22          		 -0.415595
pi_share22   		 -0.0280617
pi_shareNT22 		 -0.0466783
V22          		 2.84253
Vinnovator22 		 1.74391
rp22         		 -1.18501
chivar23     		 -1.38629
ga23         		 0.0764423
A23          		 -3.12259
pi_share23   		 -4.74454
pi_shareNT23 		 -4.26848
V23          		 2.84253
Vinnovator23 		 1.74391
rp23         		 -3.89201
chivar31     		 -2.30259
ga31         		 0.0764423
A31          		 -1.10941
pi_share31   		 -3.86187
pi_shareNT31 		 -3.23948
V31          		 0.974044
Vinnovator31 		 -1.22318
rp31         		 -4.7983
chivar32     		 -2.30259
ga32         		 0.0764423
A32          		 -0.488551
pi_share32   		 -2.92299
pi_shareNT32 		 -2.39643
V32          		 0.974044
Vinnovator32 		 -1.22318
rp32         		 -4.17744
chivar33     		 -1.38629
ga33         		 0.0764423
A33          		 -2.86944
pi_share33   		 -0.0777469
pi_shareNT33 		 -0.139523
V33          		 0.791719
Vinnovator33 		 -0.30688
rp33         		 -5.64196
drp11        		 0.018586
Ha11         		 -3.57754
J11          		 1.58072
Jinnovator11 		 0.638878
eps11        		 -0.682821
drp12        		 0.018586
Ha12         		 -2.70511
J12          		 1.38589
Jinnovator12 		 0.525374
eps12        		 -1.25622
drp13        		 0.018586
Ha13         		 -5.23133
J13          		 1.46029
Jinnovator13 		 0.569805
eps13        		 -1.06173
drp21        		 0.018586
Ha21         		 -2.4753
J21          		 2.39445
Jinnovator21 		 1.50487
eps21        		 -1.06774
drp22        		 0.018586
Ha22         		 -2.08076
J22          		 2.51412
Jinnovator22 		 1.57357
eps22        		 -0.693362
drp23        		 0.018586
Ha23         		 -4.09548
J23          		 2.02296
Jinnovator23 		 1.26989
eps23        		 -1.8768
drp31        		 0.018586
Ha31         		 -4.53026
J31          		 0.439375
Jinnovator31 		 -1.51412
eps31        		 -1.29127
drp32        		 0.018586
Ha32         		 -3.99778
J32          		 0.497444
Jinnovator32 		 -1.47912
eps32        		 -1.14483
drp33        		 0.018586
Ha33         		 -6.81426
J33          		 0.443171
Jinnovator33 		 -0.488539
eps33        		 -0.763514
--------------------------------------------------------
MODEL SIMULATION :

Iter: 1,	 err. = 0.16203, 	 time = 2.028
Iter: 2,	 err. = 0.030913, 	 time = 2.25
Iter: 3,	 err. = 0.00071928, 	 time = 1.984

Total time of simulation: 6.269
--------------------------------------------------------

Total computing time : 0h00m08s
